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Continental Draws More Suitors

September 27, 1992

In Business This Week

CONTINENTAL DRAWS MORE SUITORS

Continental Airlines is attracting even more attention. On Sept. 16, Germany's Lufthansa and Los Angeles investor Marvin Davis jointly submitted a $400 million bid for the carrier. It's the fourth offer for Continental, and it exactly matches what had been the front-running proposal: one from Air Canada and Texas investors Air Partners (page 55).

Like British Airways and KLM, Lufthansa wants a U.S. carrier to feed passengers into its transatlantic routes. And Davis, who would own 51% of the airline, believes a strong international partner is just what Continental needs. The two bidders say they'll make a more formal offer after looking at Continental's books.EDITED BY HARRIS COLLINGWOOD